The worst of the bunch is Indonesia, where the Jakarta market fell 5.6%.

India's SENSEX has fallen 1.7%, which comes after a major decline on Friday.

Both countries are seeing weakening currencies and deteriorating trade pictures, and are part of a big trend we've seen all year of emerging markets weakness.

Thailand also had a bad session, with the SET index losing 2.6%.

The country saw a big GDP whiff.

Morgan Stanley has the call:

2Q13 GDP further moderated to +2.8%YoY (vs an upwardly revised +5.4%YoY in 1Q13). This is in line with MS' tracking estimate of +2.8%YoY but below consensus' expectations of +3.3%YoY. On a QoQ sa sequential basis, the economy fell for the second consecutive quarter at -0.3%QoQ (vs an upwardly revised -1.7%QoQ in 1Q13), implying that the economy entered into technical recession in 1H13. 1H13 stands at +4.1%YoY and NESDB revised downwards their 2013 GDP growth range from 4.2% - 5.2% to 3.8% - 4.3%.

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